Nigerian Stock Market Gains N652bn as Blue-Chip Stocks Rally on Tuesday
- The Nigerian stock market closed higher on Tuesday, with the All-Share Index adding 1,005.27 points to settle at 244,304.51 points
- Nigerian Exchange Group led all gainers with a 9.95% rise, while Ecobank Transnational Incorporated topped the losers with a 10% drop
- Imperial Asset Managers flagged the Dangote Petroleum Refinery IPO and Nigeria's FTSE Russell reclassification as key factors to watch in the near term
PAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria's stock market posted solid gains on Tuesday, September 15, with market capitalisation climbing N652 billion to close at N158.399 trillion, driven by sustained investor appetite for blue-chip stocks.
The All-Share Index rose 1,005.27 points, or 0.41%, to settle at 244,304.51 points at the close of trading.
Source: Getty Images
Market breadth improved notably, with 34 stocks advancing against 26 that declined, a reversal from the previous session's 20 gainers and 28 losers.
Top gainers
Nigerian Exchange Group was the standout performer, climbing 9.95% from N162.80 to N179.00 per share.
Aradel Holdings followed with a 9.62% gain, moving from N1,414.00 to N1,550.00.
Sovereign Trust Insurance added 9.50%, rising from N1.79 to N1.96, while McNichols gained 9.09% to close at N4.80.
International Breweries rounded out the top five with an 8.50% advance, ending the day at N10.85 per share.
Top losers
On the other side, Ecobank Transnational Incorporated fell the most, losing 10% to close at N66.60 from N74.00.
Trans-Nationwide Express dropped 9.93% to N2.45, while AVA Capital shed 9.90% to close at N4.55.
PZ Cussons Nigeria fell 9.52% to N75.10, and Prestige Assurance declined 8.72% to N1.36.
Mutual Benefits Assurance recorded the highest trading volume for the session at 38.995 million shares, valued at N113.42 million. Guaranty Trust Holding Company came second with 37.413 million shares worth N4.86 billion, followed by Zenith Bank with 30.575 million shares valued at N3.90 billion.
Fidelity Bank and Mansard Insurance also featured among the most active, trading 27.804 million and 22.873 million shares respectively, Leadership reports.
Source: Getty Images
What analysts expect next
Investment firm Imperial Asset Managers Limited said the mood in the market is likely to stay cautiously positive in the near term, given Tuesday's broad advance and higher trading volumes.
However, the firm cautioned that the ongoing Dangote Petroleum Refinery initial public offering could compete for available cash as investors shift their portfolios during the offer period.
SEC alerts investors to fraudulent Dangote Refinery IPO platforms
Earlier, Legit.ng reported that Nigeria's Securities and Exchange Commission (SEC) has warned prospective investors about fraudulent activities targeting the N2.15 trillion Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, as the public offer opened.
In a notice signed by its management, the Commission confirmed it had approved the public offer but said it was concerned about bad actors trying to exploit the high public interest in the share sale.
SEC directed investors to channel all applications and payments exclusively through authorised receiving agents
Source: Legit.ng
